Solgold - SLGGF STOCK NEWS

SolGold has announced the commencement of an 8000m Phase 1 Drilling Program at the Varela Porphyry Copper-Gold Target within the Rio Amarillo Project in Northern Ecuador. The project is fully funded through mid-2021 and has completed all regulatory permitting. Recent fieldwork shows promising geological similarities between Varela and the nearby Alpala deposit. Rock-saw channel samples at Varela returned strong results of 99m @ 0.34% CuEq, indicating a potentially large-scale mineralized system.

SolGold has commenced drilling at the Cerro Quiroz target within its Blanca Project in Northern Ecuador. The drill rig arrived on October 3, 2020, and drilling activities are focused on the central portion of the Cerro Quiroz Dome Target, where previous rock assays showed up to 6.8g/t Au. This initiative is part of a larger strategy to develop a tier 1 copper and gold company, with SolGold examining 75 concessions. The exploration targets look promising, with the potential for accelerated development timelines.

SolGold has announced significant findings from the first drill hole at its Porvenir Project, confirming the presence of a new copper-gold porphyry system. The drill hole, PDH-20-001, intersected over 500m of visual copper sulphide mineralization, primarily chalcopyrite, with promising geological indicators suggesting more intense mineralization at depth. The mineralization is part of a 1700m corridor, indicating potential for extensive deposits. Initial assay results are pending but are expected to take up to three weeks, and the drilling program is set to expand to six rigs.

SolGold has updated on the Pre-feasibility Study (PFS) for the Alpala Project in Ecuador. The PFS was delayed due to COVID-19 restrictions, impacting critical geotechnical data collection. Nevertheless, significant progress has been made, including the completion of the updated Mineral Resource Estimate and geotechnical sampling. The study is now focusing on finalizing the mine design, production schedules, and infrastructure layouts. Completion of the PFS is anticipated as soon as possible, with forthcoming financial modeling to provide an economic analysis.

SolGold has released its Annual Report, showcasing the full year results for the financial year ending June 30, 2020. The report is available on the Company's website, alongside the Management Discussion and Analysis. The audited financial statements have been filed on SEDAR. The Company encourages interested parties to review the full report for detailed insights into the financial performance and strategic direction.

SolGold commenced drilling at its Porvenir Project in Ecuador, following regulatory approvals. Initial results from Cacharposa Creek showed significant mineralization: 147.8m @ 0.69% CuEq and 82.63m @ 1.08% CuEq. The project targets an 8000m drilling program, with a corridor suggesting a well-preserved porphyry copper-gold system. SolGold positions itself as a dominant player in Ecuador's copper-gold sector, with ongoing exploration and community support.

SolGold has completed a US$100 million royalty financing deal with Franco-Nevada for its Alpala copper-gold project in Ecuador. The funds will be used to progress the Alpala Project towards a final feasibility study and development decision. Additionally, SolGold has repaid a US$15 million bridge loan with Franco-Nevada, eliminating the need to issue over 12 million warrants. Franco-Nevada now holds a 1% royalty interest on net smelter returns from the Cascabel concession, with potential upsizing options available.

SolGold has announced updates on its Corporate Governance initiatives aimed at ensuring compliance with the UK Corporate Governance Code as it transitions from exploration to project development. Non-Executive Directors have canceled their options, while Executive Directors retain theirs. The Board aims to reconstitute its committees with independent Non-Executive Directors and is engaged in assessing its governance practices. Ongoing dialogues with potential candidates for board appointments are in place. Regular evaluations of board performance and function are being implemented.

SolGold announces a webinar led by CEO Nick Mather scheduled for September 9, 2020, at 7:30 am Toronto time. The session aims to provide a corporate update and engage in a live Q&A with shareholders. Interested parties can pre-register questions via email.

The company will also participate in several upcoming virtual events including the Beaver Creek Precious Metals Summit from September 15-17 and the Denver Gold Forum from September 20-23. SolGold continues to focus on developing high-quality copper and gold projects in Ecuador.